Economy
Business Owners Laud Ahmed over Planned 5-Year Tax Relief
By Dipo Olowookere
The announcement of a planned 5-year tax relief for small businesses in Kwara State by the state government has continued to generate reactions across and outside the state.
At a lecture to mark the 50th anniversary of the state in Ilorin last week, it was disclosed that Governor Ahmed Abdulfatah had directed the Chairman of Kwara State Internal Revenue Service, Mr Murtala Awodun, to coordinate the process of the tax holiday.
According to Mr Ahmed, his administration took this step in order to boost entrepreneurship and eradicate poverty in the Kwara State, adding that it was also to facilitate economic growth and development of the state.
This tax waiver announcement has been applauded by business owners in and outside Kwara State.
A cross session of SME owners across the state and elsewhere told Business Post that the move showed that Governor Ahmed was aware of things killing businesses in the country.
They described the 5-year tax holiday as a welcome development and urged other state Governors, as well as the Federal Government, to follow suit, saying it would have a positive impact on the economy at large.
“This is what we have been clamouring for. What is the essence of killing new businesses with tax when you are supposed to nurture them to greatness? In developed countries, they give tax waivers so as to allow the enterprise mature and become big corporations, that is the ideal thing,” a ‘business centre’ operator in Ilorin, Kwara State capital, who identified herself as Mrs Kudi Lawal, told our correspondent.
Another business owner in Offa area of the state, Mr Fatai Raji, commended the Governor for the move, saying “this is fantastic. Watch it, businesses will survive in the state and new ones will spring up very fast because they will want to take advantage of this tax free window. In the end, the economy of Kwara State will improve positively. Mark my words, investors will rush into this state because of this tax holiday.”
However, a make-up artist in Lagos, Mrs Yetunde Sodeke, appealed to Governor Akinwunmi Ambode of Lagos State to emulate Governor Ahmed by giving tax waiver to SME owners in the metropolis.
She pointed out that the taxes paid by small business owners were making it difficult for many to survive, especially with the already high cost of living in the state.
“It is a common thing for the Lagos Internal Revenue Service (LIRS) to force you to pay tax for three years even as a first time payer. I do not know the rationale behind this. Even after that, local government will come with another tax as shop permit or so. There are also the LASAA people who disturb us for signposts. When you add these payments with the shop rent and other running cost like fuel for generator and others, it is very difficult for businesses to survive,” Mrs Sodeke told Business Post.
According to Chairman of the Kwara State Internal Revenue Service, Mr Murtala Awodun, report has shown that over 70 percent of small businesses die within the first five years of their existence.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited rallied by 0.28 per cent on Wednesday despite weak investor sentiment, as the bourse ended with 18 price gainers and 38 price losers, implying a negative market breadth index.
The growth recorded yesterday by Customs Street was influenced by the 2.11 per cent rise posted by the energy index, and the 1.79 per cent jump achieved by the banking sector.
The other sectors experienced profit-taking, with the consumer goods losing 1.07 per cent, the insurance counter down by 0.36 per cent, and the industrial goods space down by 0.19 per cent.
Universal Insurance chalked up 10.00 per cent to sell for N1.21, Omatek improved by 9.78 per cent to N2.47, VFD Group expanded by 9.71 per cent to N11.30, CWG appreciated by 9.64 per cent to N21.05, and Livestock Feeds gained 9.56 per cent to close at N7.45.
On the flip side, UPDC REIT lost 10.00 per cent to settle at N6.75, Fortis Global Insurance shed 9.92 per cent to quote at N1.18, Deap Capital depreciated by 9.85 per cent to N5.40, Chams went down by 9.47 per cent to N3.06, and Japaul declined by 8.82 per cent to N3.10.
Yesterday, the All-Share Index (ASI) went up by 562.43 points to 202,585.53 points from 202,023.10 points, and the market capitalisation advanced by N389 billion to N130.404 trillion from N130.015 trillion.
During the session, 1.0 billion stocks worth N40.6 billion exchanged hands in 52,723 deals compared with the 1.1 billion stocks valued at N40.3 billion executed in 78,006 deals a day earlier, indicating an uptick in the trading value by 0.74 per cent, and a shortfall in the trading volume and number of deals by 9.09 per cent and 32.41 per cent apiece.
The activity chart was led by Access Holdings, which sold 233.0 million units valued at N6.1 billion, Fidelity Bank exchanged 113.1 million units worth N2.2 billion, Wema Bank recorded a turnover of 103.3 million units valued at N2.7 billion, Zenith Bank transacted 60.6 million units for N6.5 billion, and Chams traded 47.5 million units worth N154.6 million.
By Adedapo Adesanya
Crude oil plummeted on Wednesday on hopes of the reopening of the Strait of Hormuz after US President Donald Trump agreed to a two-week ceasefire with Iran.
Brent crude futures moderated to $94.75 a barrel, while the US West Texas Intermediate (WTI) crude eased to $94.41 a barrel.
President Trump said on Wednesday that the US will work closely with Iran and will be talking about tariff and sanctions relief with Iran.
However, analysts cautioned that the ceasefire is a temporary two-week reprieve rather than a permanent resolution, and the global energy system remains fragile due to structural damage to regional infrastructure.
Reuters reported that Iran could open the strait in a limited and controlled way on Thursday or Friday ahead of a meeting between U.S. and Iranian officials in Pakistan.
Agence France-Presse (AFP) reported that two ships appeared to have transited the Strait of Hormuz since the US-Iran ceasefire deal. A Greek-owned bulk carrier and a Liberia-flagged vessel both transited the waterway early on Wednesday.
Meanwhile, Israel carried out its heaviest strikes on Lebanon since the conflict with Hezbollah broke out last month, even as the Iran-aligned group paused attacks on northern Israel and Israeli troops in Lebanon under the ceasefire.
Also, Saudi Arabia’s East-West Pipeline, a critical artery bypassing the Strait of Hormuz, was reportedly hit in an Iranian drone attack. Prior to the attack, the pipeline was pumping at its emergency capacity of 7 million barrels per day to bypass the shuttered strait.
The strikes occurred just hours after a US-Iran ceasefire announcement, which has so far failed to halt regional hostilities. Other facilities in the kingdom were also targeted in the wave of strikes, which the Islamic Revolutionary Guard Corps (IRGC) claimed included oil facilities owned by American companies in Yanbu.
US crude stocks rose by 3.1 million barrels to 464.7 million barrels during the week ended April 3, the Energy Information Administration (EIA) said.
By Adedapo Adesanya
The National Insurance Commission has issued new guidelines for the collection, management, and administration of the Insurance Policyholders’ Protection Fund.
In a circular issued to all insurance institutions on Tuesday, the regulator also set May 31, 2026, as the deadline for insurers to submit their assessment returns for the 2025 financial year.
Recall that on August 5, 2025, President Bola Tinubu signed into law the Nigerian Insurance Industry Reform Act ( NIIRA 2025).
This landmark legislation repeals the Insurance Act 2003, and consolidates related provisions, ushering in a modern regulatory framework. It lays a strong foundation for sustainable growth and increased investment in the country’s insurance sector.
The commission said the guidelines were issued in exercise of its powers under the 2025 Act and other existing insurance laws and regulations to provide regulatory clarity, improve guidance, and ensure ease of compliance across the industry.
According to NAICOM, the guidelines establish a comprehensive structure for the operation of the IPPF, which serves as a statutory safety net to protect insurance policyholders in the event of distress or insolvency of a licensed insurer or reinsurer. The framework also provides direction on the reimbursement of loans by insurers and reinsurers.
NAICOM stated, “The guidelines ensure regulatory clarity, guidance and ease of compliance, as it provides a comprehensive regulatory framework for the collection, management, and administration of the Fund, which serves as a statutory safety net designed to protect insurance policyholders against distress and insolvency of a licensed insurer or reinsurer, including guidance for the reimbursement of loans by an insurer or reinsurer.
“Please be informed that the IPPF Assessment Returns in respect of the year 2025 shall be submitted to the Commission not later than 31st May 2026, while subsequent submissions shall be in line with Section 4.3 of the Guideline on Insurance Policyholders Protection Fund.”
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